PennantPark Floating Rate Capital (NYSE:PFLT) Releases Earnings Results, Misses Estimates By $0.01 EPS

PennantPark Floating Rate Capital (NYSE:PFLT) posted its quarterly earnings results on Monday. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01), FiscalAI reports. The firm had revenue of $22.73 million for the quarter. PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%.

PennantPark Floating Rate Capital Stock Performance

Shares of NYSE:PFLT opened at $7.40 on Tuesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.18 and a quick ratio of 0.18. The business’s fifty day moving average price is $7.41 and its two-hundred day moving average price is $8.17. PennantPark Floating Rate Capital has a fifty-two week low of $6.83 and a fifty-two week high of $10.60. The stock has a market capitalization of $734.23 million, a price-to-earnings ratio of 11.94 and a beta of 0.76.

PennantPark Floating Rate Capital Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a c) annualized dividend and a yield of 13.0%. PennantPark Floating Rate Capital’s payout ratio is currently 154.84%.

Analyst Ratings Changes

PFLT has been the topic of a number of recent research reports. Zacks Research upgraded shares of PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Truist Financial dropped their price objective on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Citizens Jmp decreased their target price on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.80.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several hedge funds have recently modified their holdings of PFLT. Sound Income Strategies LLC boosted its stake in PennantPark Floating Rate Capital by 6.4% in the first quarter. Sound Income Strategies LLC now owns 4,940,809 shares of the company’s stock valued at $39,576,000 after acquiring an additional 296,851 shares during the period. Marshall Wace LLP increased its position in shares of PennantPark Floating Rate Capital by 42.9% during the third quarter. Marshall Wace LLP now owns 2,057,399 shares of the company’s stock valued at $18,290,000 after purchasing an additional 617,657 shares during the period. UBS Group AG boosted its position in PennantPark Floating Rate Capital by 5.5% in the fourth quarter. UBS Group AG now owns 1,367,442 shares of the company’s stock valued at $12,676,000 after buying an additional 71,372 shares in the last quarter. Altshuler Shaham Ltd grew its position in PennantPark Floating Rate Capital by 44.1% during the 4th quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock worth $12,238,000 after acquiring an additional 404,117 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of PennantPark Floating Rate Capital by 17.3% during the third quarter. Invesco Ltd. now owns 1,262,880 shares of the company’s stock worth $11,227,000 after purchasing an additional 186,570 shares during the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.